Yesterday, the Ministry of Municipal, Rural Affairs, and Housing signed an agreement with Fitch Ratings to provide credit rating services to entities applying for a rating certificate from the City Operators Regulatory Agency, in the presence of His Excellency the Deputy Minister of Municipal, Rural Affairs, and Housing for the Housing and Urban Development Sector, Engineer Abdullah bin Mohammed Al-Badeer.
This agreement between the Ministry and Fitch aims to assess the capabilities of entities based on financial and administrative factors, providing an (optional) option through financial analysis to offer credit rating services “as a quick service” that helps assess the financial capacity of projects and is used as one of the requirements for classification certification from the City Operators Regulatory Agency to reduce the percentage of stalled projects and improve project quality.